Techcheck Daily Sensex bullish setups emerge : Emkay

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Techcheck Daily

Sensex bullish setups emerge

n     Charts of the Day: Sensex, Inside Day on Daily Lower Bollinger can it be 17th time lucky, mean reversion targets at 19000 if 17982 holds on closing basis

n     Bank Nifty, bear exhaustion, holds 10373, holds 10400 now, expect a move 11000-11200, SBI and ICICI remain top picks

n     Gold a bearish engulfing monthly close, reinforces over view that a decade long bull market looks complete, expect more price correction over the next few months, a brief pullback though could happen before it breaks 1300

n     Nifty Bollinger band mean reversion setups (first discussed on 7th Dec 2010) now look almost complete, with the mean currently around the 5300 mark, the risk rewards now favour bulls, our primary assumption being that we are in a bull market and healthy bull markets don’t break their monthly means i.e. 5300

n     DXY breaks below 77.7, short term picture turns negative even though medium term bullish patterns still intact, expect 75 levels to get retested

n     Stocks with positive short term view

n     DLF, Bharti, Praj Ind, Reliance (stop 864), Allahabad Bank, Coromandel, HCL Tech, Bank Nifty (stop 10369), SBI, ICICI

n     Stocks with negative short term view

n     Tata Motors, Hindalco, Hero Honda